How To Manage Your Money (50/30/20 Rule)
In this video I present a high level overview on how to manage your money using the 50/30/20 Rule.
Money management is 90% discipline and 10% knowledge. The 50/30/20 rule will force you to create a budget and understand where every single one of your after-tax dollars is going.
50% of your budget should be spent on needs which are are things that are essential to life and that you literally cannot live without.
30% should be spent on wants which could be classified as things that bring you joy and happiness, but are NOT essential to living. (Dining out, entertainment, hobbies, etc.)
The final 20% should be spent on savings, paying off debt, and retirement planning.
I feel like a lot of people confuse wants for needs, and we know the difference deep down, but we really want the one that we don't have the self-discipline to say no.
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ABOUT ME 👇
My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
#Investing
#PersonalFinance
#Entrepreneurship
#StockMarket
DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.
Видео How To Manage Your Money (50/30/20 Rule) канала Marko - WhiteBoard Finance
Money management is 90% discipline and 10% knowledge. The 50/30/20 rule will force you to create a budget and understand where every single one of your after-tax dollars is going.
50% of your budget should be spent on needs which are are things that are essential to life and that you literally cannot live without.
30% should be spent on wants which could be classified as things that bring you joy and happiness, but are NOT essential to living. (Dining out, entertainment, hobbies, etc.)
The final 20% should be spent on savings, paying off debt, and retirement planning.
I feel like a lot of people confuse wants for needs, and we know the difference deep down, but we really want the one that we don't have the self-discipline to say no.
WBF UNIVERSITY - JOIN MY SCHOOL HERE
► https://whiteboardfinance.com/wbf-university-waitlist
LIMITED TIME - Get 1 FREE STOCK ON ROBINHOOD
► https://whiteboardfinance.com/go/robinhood
FUNDRISE - INVEST IN REAL ESTATE FOR ONLY $500
► https://whiteboardfinance.com/go/fundrise
M1 FINANCE - INVEST FOR FREE (Yes, Really)
► https://whiteboardfinance.com/go/m1-finance
My FREE M1 Finance Training Video
► https://whiteboardfinance.com/go/m1-finance-training
My FREE Stock Market For Beginners Guide
► https://whiteboardfinance.com/go/stockmarket4beginners
GET MY HOME AFFORDABILITY SPREADSHEET HERE
► https://www.patreon.com/whiteboardfinance
SCHEDULE A COACHING CALL WITH ME
► https://whiteboardfinance.com/go/marko-coaching
HOW TO BUY & STORE BITCOIN
► https://whiteboardfinance.com/go/bitcoin
THE BEST CREDIT CARDS TO USE RIGHT NOW
► https://whiteboardfinance.com/go/best-credit-cards
CHECK OUT MY BLOG:
► https://whiteboardfinance.com
FOLLOW ME ON INSTAGRAM
► https://www.instagram.com/whiteboardfinance
Instrumental Produced By Chuki:
http://www.youtube.com/user/CHUKImusic
ABOUT ME 👇
My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
#Investing
#PersonalFinance
#Entrepreneurship
#StockMarket
DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.
Видео How To Manage Your Money (50/30/20 Rule) канала Marko - WhiteBoard Finance
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